playtoearnsandboxgames| Bank of America Securities: Reiterates that Xiaopeng Automobiles 'buy rating target price has been lowered to HK$49.5

Bank of America Securities released a research report sayingplaytoearnsandboxgames, Xiaopeng Automobiles-W (09868) adjusted net loss for the first quarter of this year was 14playtoearnsandboxgames.100 million yuan, better than the bank's expected loss of 2 billion yuan. Considering the strong product line of the group in the second half of the year, it reiterated its "Buy" rating and lowered its target price by 6% from HK$52.7 to HK$49.5.

According to the report, Xiaopeng's overall gross profit margin in the first quarter increased by 11.2 percentage points year-on-year and 6.7 percentage points quarter-on-quarter to 12.9%, which was better than the bank's expectation of 9.4%. This was mainly because Xiaopeng began to confirm the G9 model from cooperation with Volkswagen. Technical service income led to the gross profit margin of other income to 54%, which was higher than the bank's expectation of 35%. However, the vehicle profit margin was only 5.5%, lower than the expected 6%, due to losses in P5-related inventory provisions and procurement commitments.

The bank also pointed out that management expects car deliveries to increase by 25%-38% year-on-year to 29,000 to 32,000 units in the second quarter of this year, and revenue to increase by 48%-64% year-on-year to 7.5 billion to 8.3 billion yuan, which is basically consistent with previous forecasts. The report lowered Xiaopeng's sales forecast for 2024-2026 by 13%/16%/15% respectively, but lowered the adjusted net loss forecast by 21%/58%/58% to reflect the clearer outlook for gross profit margin.

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